No Wells Coming Off Confidential List -- OPEC Basket Below $40 -- October 28, 2020

First things first: EPD reports in-line.

• EPS: 48 cents vs 48 cents forecast
• net income: $1.084 billion vs 1.045 one year ago
• adjusted EBITDA: $2.06 vs $2.023 one year ago
• 3Q20 cash distribution 0.6% increase compared to year ago
• discounted cash flow provided 1.7 time coverage of the distribution
• pays 10.31%
  

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Boeing, link here:

• surprise beat
• sales, EPS, cash burn were stronger than expected
• looking to fire another 7,000 workers while another 4,000 to be lost through attrition
• revenue: $14.14 billion, down almost 30% y/y but beating estimates of $13.84 billion
• loss per share: $1.39 vs $1.45 y/y; beating estimate of a loss of $2.08/share

Preview: COP to announce tomorrow, Thursday, October 28, 2020; from SeekingAlpha --

• ConocoPhillips is scheduled to announce Q3 earnings results on Thursday, October 29th, before market open. 
• the consensus EPS Estimate is -$0.31 (-137.8% Y/Y) and the consensus Revenue Estimate is $4.98B (-35.8% Y/Y). 
• analyst expects capex of $790.0M. 
• over the last 2 years, COP has beaten EPS estimates 63% of the time and has beaten revenue estimates 50% of the time. Over the last 3 months, EPS estimates have seen 8 upward revisions and 11 downward. Revenue estimates have seen 3 upward revisions and 3 downward. 
  

CNP: Fitzsimmons, over at SeekingAlpha --

• CenterPoint is said to be considering selling its stake in Enable Midstream. It's new CFO is likely to be strongly in favor of the move.
• the company has also laid out a blueprint to replace coal capacity with solar and wind energy.
• CenterPoint's valuation has been penalized due to its unstable cash flow from Enable.
• Ii both initiatives come to fruition, CenterPoint would become a more pure-play utility and the stock could shake off its estimated 40% discount to peers.

OPEC basket, link here: $39.22.

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Back to the Bakken

Active rigs:

$37.40	10/28/2020	10/28/2019	10/28/2018	10/28/2017	10/28/2016
Active Rigs	14	59	67	53	34

No wells coming off confidential list -- six months ago, April, 2020, the Chinese flu pandemic panic begins to peak -- efforts to "flatten the curve" in full force. Everything comes to a halt, including new drilling in the Bakken.

RBN Energy: LNG-as-bunker-fuel winning converts as shipping industry eyes future CO2 rules. 

Back in January, when the International Maritime Organization implemented more stringent limits on sulfur emissions for large, ocean-going vessels, the vast majority of shipowners and charterers complied with the new rule — commonly referred to as IMO 2020 — by switching to very low sulfur fuel oil or gasoil. A few others stuck with old, higher-sulfur bunker but installed scrubbers to remove sulfur from the engine exhaust. A third option — fueling ships with LNG — is now gaining traction, in part because it could help shipping companies deal with future IMO mandates on reducing greenhouse gas emissions. Orders for new-build LNG-powered vessels and LNG bunker ships are rolling in, and plans for port infrastructure to support LNG bunkering are being implemented. Today, we begin a series on the growing use of LNG in global shipping.